Please enable JavaScript in order to get the best experience when using this site.

Your browser does not meet the minimum browser requirements for this site. Visit whatbrowser.org to check your browser version and upgrade. Continuing to navigate the site could present security risks and will result in a degraded experience

After a two-year review, the Productivity Commission has released its draft report on the superannuation industry.

According to the report, the two main problems affecting the industry are costly multiple accounts caused by people changing jobs, and the poor investment performance of some funds.

The Commission has made the following recommendations to address these problems:

Members should be put into a default fund when they first start working and stay in that fund unless they elect to change.

Members should be able to choose from a list of 10 top-performing funds identified by an independent panel.

Underperforming funds should be merged with better-performing funds and board members should have appropriate skills.

These are proposals only that will be considered and debated by industry representatives and regulators in coming months. We will let you know when more information is available.

In the meantime, with terms like ‘super rip-off’ and ‘poor performance’ appearing in the media coverage of the report, we thought it would be useful and timely to present some facts to demonstrate that First State Super is a strong, reputable fund committed to acting in the best interests of members.

We are one of Australia’s largest industry funds providing superannuation, advice and retirement solutions to those who teach, nurse, care, respond and help others in our communities.

Our returns have been competitive over a long period of time. The table shows the returns and ranking for the two default investment options in which over 85% of our members are invested.

1 year

3 years

5 years

7 years

10 years

%

Rank

%

Rank

%

Rank

%

Rank

%

Rank

Growth

9.2

11/50

7.0

21/50

9.3

14/50

8.7

16/49

6.4

11/43

Balanced Growth

7.8

1/25

6.1

5/25

7.7

3/25

7.4

6/25

6.0

6/22

Source: SuperRatings Fund Crediting Rate Survey April 2018.

Our fees have also been among the lowest in the industry. Here is a comparison of the total annual fees charged for a selection of MySuper options^1.

First State Super

AMP Signature Super

Australian Super

BT Super for Life

REST

Hesta

Hostplus

MLC Business Super

Cbus

QSuper

0.96%

1.65%

0.93%

1.37%

1.00%

1.30%

1.63%

1.36%

1.22%

0.91%

Source: Chant West Super Fund Fee Survey March 2018

Compare your options

You don’t just have to take our word for it. Independent research company Chant West allows you to compare key features of over 200 different super and pension funds on an ‘apples with apples’ basis. You'll receive a detailed report comparing First State Super to the other funds you select.

Important information

Our family of sites

Disclaimer

This is general information only and does not take into account your specific objectives, financial situation or needs. Seek professional financial advice, consider your own circumstances and read our product disclosure statement before making a decision about First State Super. Call us or visit our website for a copy. Issued by FSS Trustee Corporation ABN 11 118 202 672, AFSL 293340, the trustee of the First State Superannuation Scheme ABN 53 226 460 365. Financial planning services are provided by our financial planning business State Super Financial Services Australia Limited, trading as StatePlus, ABN 86 003 742 756, AFSL No. 238430. StatePlus is wholly owned by First State Super. Please click on the links to the general advice warning and conditions of use for this website.